News Release

Vancouver - The British Columbia Securities Commission has reciprocated orders against an Alberta man sanctioned by the Alberta Securities Commission and later sanctioned again and sentenced to prison by the Alberta Provincial Court.

Thomas Kim Seto, of Edmonton, is barred from trading securities and cannot be a director or officer of any issuer for 12 years from May 27, 2005. Seto is a self-described salesman, business consultant and founder of the World Stock Exchange (WSE) - a website Seto set up to act as an online stock exchange for companies to list their securities for trading.

An ASC panel ruled in 2000 that WSE had carried on business as an exchange in Alberta contrary to Alberta securities laws, and that Seto illegally solicited and raised money on the WSE, and illegally traded securities. The ASC panel ordered Seto to cease-trading in securities and barred him from being a director or officer of any issuer for five years starting in March 2000.

On May 27, 2005, for conduct after the ASC order, the Alberta Provincial Court convicted Seto on five counts of breaching the Alberta Securities Act, including breaching the ASC order. The Court sentenced Seto to a total of five months in prison and extended the administrative sanctions against him for an additional twelve years.

The BC commission panel in its decision said:

“Seto has not hesitated to cross borders to avoid regulation.  Seto is clearly unfit to hold a position of trust as a director or officer. We must deter Seto from engaging in conduct similar to that described above in BC or (acting elsewhere) putting at risk the interests of BC investors.”

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Thomas Kim Seto or 2006 BCSECCOM 569. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.